Best Checking Accounts in Minnesota for 2024
Finding the right checking account in Minnesota requires looking at several banks to determine which one is right for you.
This guide will help you ask the right questions, review some great banks, and decide where to keep your hard-earned money.
Compare Minnesota and Online Checking Accounts
Are you trying to decide between a local bank or an online option? Consider these questions:
- Do you prefer to go to the bank in person?
- Do you like using a mobile app or website to handle your funds?
- Do you need an ATM card? How often will you use it?
- Are you willing to pay bank fees?
- Will you need to deposit cash?
- How often will you use customer service?
- Do you want to earn interest on your checking account?
Compare Online and Local Banks
Best Checking Accounts in Minnesota
The wide variety of options makes choosing the best checking accounts in Minnesota easier.
Here are the most popular banks in the state and what to expect from their checking account offerings.
Bridgewater Bank
Bridgewater Bank offers four different checking accounts. Two of them are for those who carry high balances and want to invest their money wisely.
These accounts are separated into Investor Checking and Young Investor Checking, the latter of which helps teenagers and young adults figure out their financial future.
The Interest Checking is a simple interest-bearing account that requires $1,000 to open and a $1,000 daily balance to avoid the $10 monthly fee.
The Basic Checking account doesn’t pay interest, requires $100 to open, and requires a $500 minimum balance to avoid the $7 maintenance fee.
U.S. Bank
Headquartered in Minnesota, U.S. Bank is a massive institution that offers every potential banking option out there.
When it comes to individual checking accounts, there are two solid options: The Bank Smartly Checking, which requires a balance of $1,500 or more, or the use of a U.S. Bank credit card to avoid the monthly fee, or the Safe Debit Account, which doesn’t include checks and requires a $4.95 monthly fee that can’t be waived. U.S. Bank also offers a business checking account that may be attractive to small business owners.
Those of certain populations get additional perks, such as students, military members, or the elderly.
All accounts tap into a nationwide network of ATMs, making it easy to get your money no matter where you are.
Bremer Bank
Known for providing agricultural loans, Bremer Bank is also home to three checking account options.
The first is Select Banking, which offers many ways to waive the $3 service fee after opening the account with $100. Waiving the fee is as simple as opting for online statements.
Choice Banking has a $10 fee but requires three different actions each month to waive it. This account offers a competitive interest rate.
Benefit Banking is for those who have higher balances and want to make their money work harder through interest and other perks.
This option offers free ATM usage at any ATM across the nation.
Find the Lowest Checking Account Fees
You could be paying too much in checking account fees each month.
Check out some of our top checking account picks for those who want to save on checking account fees and enjoy the convenience of online banking.
Pros and Cons of Local Banks
Local banks allow you to handle your finances in person, though you might also be able to use a mobile app or website to do what you need to do. Here are the pros and cons of choosing a local bank.
Pros
- Strong community presence. The people who work there also live in the community, so expect to find a bank that gives back to the local area.
- Branches will be available and often easy to find, as well as a robust system of ATMs.
- In addition to banking in person, many local banks offer 24/7 automated customer service lines.
- Expect a full suite of financial options, including mortgages, money market accounts, and even safe deposit boxes.
Cons
- You might not get as much interest on your checking account balance as you would at online banks (interest-bearing accounts).
- Local banks might rely heavily on their branches and may not invest much time and effort into their online presence or mobile apps.
- Branches are usually open only during normal business hours, which can make in-person banking tough for those who also work those same hours.
Online Checking for Minnesota Residents
The best banks in Minnesota have already been tested by consumers, many of whom are happy to talk about their experiences.
These reviews can give you insight into the best banks in the state.
SoFi Money
SoFi offers a combined checking and savings account known as SoFi Money.
This account provides a competitive interest rate with no account fees, making it an attractive option for those seeking to maximize their savings without incurring extra costs.
Features include early direct deposit, which allows users to access their paycheck up to two days early, and a robust mobile app that supports mobile check deposits, bill pay, and peer-to-peer transfers.
SoFi Money also provides automatic savings tools, such as rounding up debit card purchases to the nearest dollar and transferring the difference to savings.
Additionally, users benefit from free access to over 55,000 ATMs worldwide.
KeyBank Checking
The Key Smart Checking account is designed for basic banking with no monthly maintenance fee, while the Key Advantage Checking account offers benefits like interest on balances and discounts on loans but requires a higher minimum balance to avoid fees.
For those with high transaction volumes, the Key Privilege and Key Privilege Select Checking accounts provide premium features, including higher interest rates and waived fees for overdrafts and wire transfers, but come with higher balance requirements.
All KeyBank checking accounts include standard features like online and mobile banking, free access to KeyBank ATMs, and Zelle for person-to-person payments.
Account holders can benefit from financial wellness tools and budgeting assistance through KeyBank’s digital platforms. KeyBank also offers overdraft protection options and the ability to link accounts for easier management of funds.
TD Bank Checking
TD Bank offers several checking account options to cater to different customer needs.
The TD Convenience Checking account is suitable for everyday banking, with a low monthly maintenance fee that can be waived with a minimum daily balance.
The TD Beyond Checking account offers perks like ATM fee rebates and earns interest, though it requires a higher balance to avoid fees.
Both accounts provide access to online and mobile banking, Zelle for person-to-person payments, and 24/7 customer service.
Additionally, TD Bank offers student and senior checking accounts with tailored features and benefits, ensuring a range of options for diverse financial needs.
Pros and Cons of Online Checking Accounts
Those who need a checking account might look to online banks.
Here’s what to expect from banking virtually:
Pros
- Interest-bearing accounts might offer higher rates than local banks.
- Online banks often offer perks for new sign-ups, such as cash bonuses for accounts that have been in good standing for six months or the like.
- Websites and mobile apps are very strong with online banks, as that’s the only way to move money around.
- Customer service is often 24/7 via phone, chat, email, text, and even video chat.
Cons
- Very few online banks have branches, so banking in person is usually not an option.
- Online banks often focus on a few services, so they might not offer mortgages, auto loans, or other similar products.
- Some banks use automated systems that make it very difficult to get in touch with a real person.
What to Look for When Choosing a Checking Account in Minnesota
Monthly Fees
Some banks still charge monthly fees but often provide easy ways to waive them.
An interest-bearing account might require a high daily balance to waive those fees, however, so keep that in mind and decide if the interest you will earn outweighs the fees you will pay.
Other Fees
Most banks charge fees for certain services, such as cashier’s checks, wire transfers, paper statements, and the like. Look at the fine print to determine what fees apply to you and whether you are okay with paying them. For most people, these fees won’t come into play that often.
ATM and Branch Access
Access to your money is vitally important. If your bank has branches, are they close enough to be convenient for you? Local and online banks make use of a wide network of ATMs. Look into the fees you might incur if you use an ATM close to your home but not in the network.
Interest Rates and Bonuses
Many banks will offer cash bonuses or other perks to get you to sign up for their checking account.
These bonuses are usually easy to get through only a few simple activities, such as keeping your account in good standing for a certain period of time.
Interest rates might be exceptional as well. However, remember that introductory rates don’t last, so look at the rates you might see over the long term.
Mobile Banking Apps and Tools
Banking online requires a mobile app that allows you to handle everything you need with little downtime and plenty of efficiency.
Websites should also be robust. If banking online matters to you, even if you are with a local bank, make a point of evaluating their app and website before you sign up for anything.
What to Know About Minnesota Checking Accounts
Curious to know more about checking and savings accounts in Minnesota? Here are some facts:
- In 2022, several banks joined together to create First Independence Bank, the first fully Black-owned bank in the state. The bank currently has four branches in Minnesota and Michigan and is continuously growing.
- U.S. Bank has more than 300 branches in Minnesota, making it convenient for residents anywhere in the state. However, there are also hundreds of branches in other states, making U.S. Bank a truly national bank.
- Until recently, banks in Minnesota were not allowed to open accounts for someone who had been banned from another bank for dishonored checks within the last 12 months. Now, however, banks are allowed to open these accounts to help customers get back on their feet. Certain guidelines must be followed.
- In Minnesota, you can open a checking account on your own when you turn 18; until then, a parent or guardian must sign to allow for the account.
